TORONTO, Nov. 6, 2026 /CNW/ -- Aimia Inc. (TSX: AIM) (JSE: AII) (AIM: AII) ("Aimia" or the "Company") today reported its unaudited financial results for the three and nine months ended September 30, 2026. All amounts are in Canadian currency unless otherwise noted.
SENIOR LEADERSHIP COMMENTARY
"Our efforts to enhance Aimia's intrinsic value delivered encouraging results in Q3," said Rhys Summerton, Aimia's Executive Chairman. "During the quarter, we deployed more than $15 million into new investments and generated a fair value gain of $1.9 million. We also benefitted from management changes implemented at Cortland as reflected by its improved financial performance, and we qualified for admission to the AIM Market of the London Stock Exchange. While Aimia's transformation is still in its early stages, the progress made in Q3 provides a solid foundation for sustainable long-term value creation for our shareholders."
"We experienced improvements to several key financial metrics in the third quarter, including revenue and gross profit, compared to last year," said Steven Leonard, Aimia's President and CFO. "Our financial results for Q3 2026 were negatively impacted, however, by a number of developments, including one-time SG&A expenses related to corporate strategic initiatives and an unrealized net fair value loss related to our investment in Clear Media. Our focus in the near term is to sustain Cortland's recent momentum, reduce HoldCo costs, and strategically deploy capital consistent with our strategy to enhance shareholder value."
AIMIA'S Q3 2026 HIGHLIGHTS
- Invested $15.5 million in public companies consistent with the Company's strategy to enhance shareholder value.
- Reported equity attributable to common shareholders per share1 of $3.55, up from $3.28 per share in Q3 2025.
- Qualified for admission to the AIM Market of the London Stock Exchange and began trading under the ticker "AII" on October 1, 2026.
- Reported revenue from continuing operations of $45.6 million, up 21.3% from $37.6 million generated in Q3 2025. The growth was driven by pricing surcharges and improving sales volumes in some of Cortland's key customer segments.
- Generated Adjusted EBITDA from continuing operations of $3.2 million, down from $3.5 million reported in Q3 2025. The decline was primarily driven by one-time legal and professional services fees related to strategic initiatives and multi-listing activities.
- Reported a consolidated net loss of $14.3 million, down from net earnings of $3.0 million in Q3 2025, which included $6.2 million of earnings contributed by Bozzetto in the prior period. The year-over-year decline was also attributable to a $8.3 million unrealized fair value loss on the Company's investment in Clear Media and by net financial expenses, including $4.8 million of deferred financing costs associated with the redemption of the 9.75% Senior Unsecured Notes.
- Reported a consolidated loss per common share of $0.17 compared to earnings per share of $0.02 in Q3 2025.
- Repurchased 278,900 common shares for cancellation for a total consideration of $0.7 million.
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1 Equity attributable to common shareholders per share is a non-GAAP measure. |
CONSOLIDATED FINANCIAL HIGHLIGHTS
Aimia | 3-Months Ended September 30 | 9-Months Ended September 30 | |||||
(in $millions except for margin and per share data) | 2026 | 2025 | Change | 2026 | 2025 | Change | |
Continuing operations | |||||||
Revenue | 45.6 | 37.6 | 21.3 % | 114.7 | 116.1 | (1.2) % | |
Gross Profit | 10.4 | 8.3 | 25.3 % | 27.0 | 26.8 | 0.7 % | |
Gross Margin | 22.8 % | 22.1 % | 0.7 pp | 23.5 % | 23.1 % | 0.4 pp | |
Selling, general and administrative expenses | (11.3) | (9.3) | (21.5 %) | (31.1) | (31.6) | 1.6 % | |
Operating Income (loss) | (0.9) | (1.0) | 10.0 % | (4.1) | (4.8) | 14.6 % | |
Adjusted EBITDA2 | 3.2 | 3.5 | (8.6) % | 8.0 | 9.0 | (11.1) % | |
Consolidated (unless otherwise noted) | |||||||
Net earnings (loss) | (14.3) | 3.0 | NM | 22.8 | (2.7) | NM | |
Earnings (loss) per share | (0.17) | 0.02 | NM | 0.21 | 0.50 | (58.0) % | |
Earnings (loss) per share - Continuing operations | (0.17) | (0.04) | NM | (0.20) | 0.33 | (160.6) % | |
Earnings (loss) per share - Discontinued operations | -- | 0.06 | NM | 0.41 | 0.17 | 141.2 % | |
Headline earnings per share3 | (0.17) | 0.02 | NM | (0.03) | 0.47 | (106.4 %) | |
This press release should be read in conjunction with Aimia's consolidated financial statements and management's discussion and analysis (MD&A) for the three-month and nine-month periods ended September 30, 2026, set below and which can also be accessed from SEDAR+ and www.aimia.com.
Balance Sheet and Liquidity
As at September 30, 2026, Aimia had $152.5 million in cash and cash equivalents, of which $7 million was held at Cortland International and $145.5 million was held in the Holdings segment. In addition, Aimia held $28.7 million in marketable securities. As at June 30, 2026, Aimia had $294.5 million of cash and cash equivalents and $12.1 million in marketable securities.
The decrease in Aimia's cash position in Q3 2026 was driven primarily by the payment of an aggregate principal amount of $131.4 million related to the validly tendered 9.75% Senior Notes. Other factors that contributed to the decline in Aimia's cash position included $15.5 million invested in public companies, $1.6 million in cash flow used in operating activities, $1.6 million for investments in property, plant, and equipment, $0.7 million for the repurchase of common shares, and $0.7 million for preferred share dividends.
The decline was partially offset by a number of developments, including the receipt of $3.9 million in proceeds from the redemption of investment funds, $2.1 million in proceeds from Cortland's other borrowings, the receipt of $2 million in interest, $1.8 million in final closing adjustments related to the sale of Bozzetto, and $0.9 million in proceeds from the sale of investments in marketable securities.
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2 Adjusted EBITDA is a non-GAAP measure. |
3 Headline Earnings Per Share is a JSE mandated financial metric that measures core operating profitability by adjusting |
Available Tax Losses
As at September 30, 2026, Aimia had $1,058.6 million of tax losses available for carry forward that may be used to reduce taxable income in future years. The total available for carry forward comprises $527.7 million of operating tax losses and $530.9 million of capital tax losses.
Dividends on Preferred Shares
Aimia paid $0.7 million in dividends for the third quarter ended September 30, 2026, on its three series of outstanding preferred shares.
Aimia's Board of Directors declared quarterly dividends of $0.392563 per Series 1 preferred share, $0.485813 per Series 3 preferred share and $0.408896 per Series 4 preferred share, in each case payable on December 31, 2026, to shareholders of record on December 17, 2026. Dividends paid by Aimia to Canadian residents on its preferred shares are "eligible dividends" for the purpose of the Income Tax Act (Canada) and any similar applicable provincial legislation.
SEGMENT RESULTS
As a result of Aimia's divestiture of its specialty chemicals holding, the Company now comprises two segments: Cortland International and Holdings. Financial highlights for each segment for the three and nine months ended September 30, 2026, follow.
Cortland International
Aimia owns a 100% equity stake in Cortland International, a global leader in the manufacture of high-performance synthetic fibre ropes and netting solutions for maritime and other industrial customers.
Cortland International | 3-Months ended September 30 | 9-Months ended September 30 | ||||
(in millions of dollars except for margin data) | 2026 | 2025 | Change | 2026 | 2025 | Change |
Revenue | 45.6 | 37.6 | 21.3 % | 114.7 | 116.1 | (1.2) % |
Gross Profit | 10.4 | 8.3 | 25.3 % | 27.0 | 26.8 | 0.7 % |
Gross Margin | 22.8 % | 22.1 % | 0.7 pp | 23.5 % | 23.1 % | 0.4 pp |
Selling, general and administrative expenses | (8.5) | (6.7) | (26.9 %) | (23.6) | (23.1) | (2.2) % |
Operating Income (loss) | 1.9 | 1.6 | 18.8 % | 3.4 | 3.7 | (8.1) % |
Earnings (loss) before taxes | (0.9) | (1.6) | 43.8 % | (5.4) | (4.3) | (25.6) % |
Adjusted EBITDA4 | 5.7 | 5.5 | 3.6 % | 14.6 | 15.8 | (7.6) % |
Adjusted EBITDA Margin | 12.5 % | 14.6 % | (2.1) pp | 12.7 % | 13.6 % | (0.9) pp |
- Cortland generated revenue of $45.6 million for Q3 2026, up 21.3% from $37.6 million generated in Q3 2025. The year-over-year increase was driven by a number of factors, including the pass-through of pricing surcharges implemented in response to rising raw material and freight costs caused by geopolitical developments in the Middle East. Other drivers included product mix and higher customer demand in the Aerospace and Defense and Industrial and Safety sectors in the US and the Fishing and Aquaculture sector. The revenue increase was partially offset by lower sales volumes in other sectors and the negative impact of the weakening Indian rupee relative to the US dollar.
- SG&A costs in Q3 2026 increased by $1.8 million primarily due to higher selling costs associated with freight and higher compensation expenses.
- Adjusted EBITDA for Q3 2026 was $5.7 million, representing a margin of 12.5%. These figures compare with $5.5 million and 14.6%, respectively, for Q3 2025.
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4 Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP measures. |
Holdings Segment
The Holdings Segment includes Aimia's investments in Clear Media Limited as well as minority investments in public company securities and limited partnerships. The results of the Holdings Segment include corporate operating costs, including costs related to public company disclosure and board, executive leadership, legal, finance and administration fees.
Holdings | 3-months ended September 30 | 9-Months ended September 30 | ||||
(in millions of dollars) | 2026 | 2025 | Change | 2026 | 2025 | Change |
Selling, general and administrative expenses | (2.8) | (2.6) | (7.7) % | (7.5) | (8.5) | 11.8 % |
Earnings (loss) before taxes | (11.4) | (0.9) | NM | (7.2) | (13.9) | 48.2 % |
Adjusted EBITDA5 | (2.5) | (2.0) | (25.0) % | (6.6) | (6.8) | 2.9 % |
- SG&A expenses for the Holdings segment in Q3 2026 were $2.8 million, up from $2.6 million incurred in Q3 2025. The increase was due to higher one-time expenses related to corporate strategic initiatives and multi-listing activities, including preparation for admission to the AIM Market of the London Stock Exchange on October 1, 2026. The increase was partially offset by cost-savings on reduced professional services and advisory fees and insurance costs.
- Excluding investing activities, share-based compensation, and expenses related to becoming interlisted, Aimia expects annualized HoldCo costs in 2026 to be $7 million.
- Earnings before taxes in Q3 2026 decreased by $10.5 million compared to Q3 2025. The decline was due mostly to an unfavourable variance of $6.7 million in net fair value of investments, which included a $8.3 million unrealized fair value loss on the Company's investment in Clear Media, and an unfavourable variance of $4.1 million in net financial expenses which included the write-off of $4.8 million of deferred financing costs associated with the redemption of Senior Notes.
Quarterly Conference Call and Audio Webcast Information
Aimia will host a conference call to discuss its third-quarter 2026 financial results at 8:30 a.m. ET on November 6. The call will be webcast at https://app.webinar.net/ZMmekrwJYv5 . Interested parties can listen to the conference call by dialing 1 888 699 1199 or 1 416 945 7677 (internationally). A slide presentation intended for simultaneous viewing with the conference call and an archived audio webcast will be available for 90 days following the original broadcast at: https://www.aimia.com/investor-relations/events-presentations/.
About Aimia
Aimia Inc. (TSX: AIM; JSE: AII; AIM: AII) is a diversified conglomerate focused on enhancing the value of its holdings. Headquartered in Toronto, Aimia's priorities include increasing its intrinsic value, reducing holding company costs, reducing the discount of its share price to the intrinsic value of its businesses, and redeploying capital to make investments in undervalued companies. For more information about Aimia, visit www.aimia.com.
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5 Adjusted EBITDA is a non-GAAP measure. |
Non-GAAP Financial Measures and Reconciliation to Comparable GAAP Measures
"GAAP" means Canadian Generally Accepted Accounting Principles (which are in accordance with the International Financial Reporting Standards).
Adjusted EBITDA
Adjusted EBITDA is not a measurement based on GAAP, is not considered an alternative to net earnings in measuring profitability, does not have a standardized meaning and is not directly comparable to similar measures used by other issuers. Adjusted EBITDA should not be used as an exclusive measure of cash flow because it does not account for the impact of working capital growth, capital expenditures, debt repayments and other sources and uses of cash, which are disclosed in the statements of cash flows. A reconciliation to operating income (loss) is provided.
Adjusted EBITDA is used by management to evaluate the performance of its Cortland International and Holdings segments, as well as the performance of the Bozzetto business until its sale on May 29, 2026. Management believes Adjusted EBITDA assists investors in comparing Aimia's performance on a consistent basis, excluding depreciation and amortization, impairment charges related to non-financial assets and share-based compensation, which are non-cash in nature and can vary significantly depending on accounting methods as well as non-operating factors such as historical cost. Aimia's management believes that the exclusion of expenses related to business acquisitions and/or disposals assists investors by excluding expenses that are not representative of the run-rate cost structure of its operations.
Adjusted EBITDA is operating income (loss) adjusted to exclude depreciation, amortization, impairment charges related to non-financial assets, cost of sales expense related to inventory fair value step-up resulting from purchase price allocation, share-based compensation, expenses related to Cortland International's long-term management incentive plan, gain/loss from the disposal of manufacturing property and land, termination benefits, as well as transaction costs related to business acquisitions and divestitures.
For a reconciliation of Adjusted EBITDA to operating income (loss), please refer to the tables below.
Cortland International | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
(in millions of Canadian dollars) | 2026 | 2025 | 2026 | 2025 | ||||
Reconciliation of Adjusted EBITDA | ||||||||
Operating income (loss) | 1.9 | 1.6 | 3.4 | 3.7 | ||||
Depreciation and amortization | 2.8 | 2.8 | 8.5 | 8.9 | ||||
Long-term management incentive plan | 0.7 | 1.1 | 2.0 | 3.2 | ||||
Termination benefits | 0.3 | -- | 0.7 | -- | ||||
Adjusted EBITDA | 5.7 | 5.5 | 14.6 | 15.8 | ||||
Adjusted EBITDA margin | 12.5 % | 14.6 % | 12.7 % | 13.6 % | ||||
Holdings | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
(in millions of Canadian dollars) | 2026 | 2025 | 2026 | 2025 | ||||
Reconciliation of Adjusted EBITDA | ||||||||
Operating income (loss) | (2.8) | (2.6) | (7.5) | (8.5) | ||||
Share-based compensation expense (reversal) | 0.3 | 0.6 | 0.9 | 1.7 | ||||
Adjusted EBITDA | (2.5) | (2.0) | (6.6) | (6.8) | ||||
Equity attributable to common shareholders per share
Equity attributable to common shareholders per share is total attributable to the equity holders of the Corporation, less the carrying amount of preferred shares, divided by the total common shares outstanding at the period end.
Aimia | September 30, | September 30, |
(in millions of Canadian dollars, except share and per share amounts) | 2026 | 2025 |
Reconciliation of Equity attributable to common shareholders | ||
Total attributable to the equity holders of the Corporation | 350.8 | 335.5 |
Less: Share capital - preferred shares | (38.0) | (38.0) |
Equity attributable to common shareholders | 312.8 | 297.5 |
Total number of common shares outstanding | 88,121,585 | 90,771,685 |
Equity attributable to common shareholders per share | 3.55 | 3.28 |
Headline earnings per common share
The Company's shares are also listed on the JSE, which requires the Corporation to present headline and diluted headline earnings (loss) per share. Headline earnings (loss) per share is calculated by dividing headline earnings (loss) attributable to equity holders of the Company by the weighted average number of common shares issued and outstanding during the period. The following table summarizes the adjustments to earnings (loss) attributable to equity holders of the Corporation for the purpose of calculating headline earnings (loss) attributable to the equity holders of the Company, and the headline earnings (loss) and diluted headline earnings (loss) per share. Adjusted amounts represented under the "Gross" column are pre-tax, whereas adjusted amounts under the "Net" column are net of tax.
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
2026 | 2025 | 2026 | 2025 | |||||
Gross | Net | Gross | Net | Gross | Net | Gross | Net | |
Earnings (loss) attributable to equity holders of the Corporation | (14.3) | 2.2 | 20.9 | (5.3) | ||||
Deduct: Dividends declared on preferred shares related to the period | (0.7) | (0.7) | (2.1) | (2.1) | ||||
Add: Excess of preferred shares' assigned value over consideration | -- | -- | -- | 53.8 | ||||
Earnings (loss) attributable to common shareholders | (15.0) | 1.5 | 18.8 | 46.4 | ||||
Headline earnings adjustments: | ||||||||
(Gain) on disposal of business (including reclassification to net | -- | -- | -- | -- | (21.7) | (21.7) | -- | -- |
Reclassification to net earnings of cumulative translation adjustments | -- | -- | -- | -- | -- | -- | (2.2) | (2.2) |
Headline earnings (loss) attributable to common shareholders | (15.0) | 1.5 | (2.9) | 44.2 | ||||
Weighted average number of common shares - Basic and diluted | 88,208,268 | 91,059,155 | 88,718,858 | 93,178,943 | ||||
Headline earnings (loss) per common share | $ (0.17) | $ 0.02 | $ (0.03) | $ 0.47 | ||||
Diluted headline earnings (loss) per common share | $ (0.17) | $ 0.02 | $ (0.03) | $ 0.47 | ||||
Forward-Looking Statements
This press release contains statements that constitute "forward-looking information" within the meaning of Canadian securities laws ("forward-looking statements"), which are based upon Aimia's current expectations, estimates, projections, assumptions and beliefs. All information that is not clearly historical in nature may constitute forward-looking statements. Forward-looking statements are typically identified by the use of terms such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "plan", "predict", "project", "will", "would" and "should", and similar terms and phrases, including references to assumptions.
Forward-looking statements in this press release include, but are not limited to, statements regarding: Aimia's capital allocation activities and its strategy of redeploying capital into investments in undervalued companies, including its expectation of acquiring controlling stakes in a number of target companies and its belief that this can be accelerated following its admission to the AIM Market of the London Stock Exchange; the anticipated turnaround and improving outlook at Cortland International, and Cortland's performance in the second half of the current fiscal year; Aimia's expectation of improved consolidated results over the coming periods; Aimia's objective of reducing holding company costs, and its estimate that annualized Holdings segment costs will be approximately $7 million; and the availability and future use of Aimia's tax losses to reduce taxable income in future years.
Forward-looking statements, by their nature, are based on assumptions and are subject to known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the forward-looking statement will not occur. The forward-looking statements in this press release speak only as of the date hereof and reflect several material factors, expectations and assumptions. Undue reliance should not be placed on any predictions or forward-looking statements as these may be affected by, among other things, changing external events and general uncertainties of the business. A discussion of the material risks applicable to the Company can be found in Aimia's current Management's Discussion and Analysis and Annual Information Form, each of which has been or will be filed on SEDAR+ and can be accessed at www.sedarplus.ca. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Aimia disclaims any intention and assumes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE Aimia Inc.
For more information, please contact: Joe Racanelli, Vice President, Investor Relations, 647 970 2200, [email protected]; Zeus Capital Limited (Nominated Advisor and Broker), Katy Mitchell/Harry Ansell/Andrew de Andrade, + 44 20 3829 5000
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